Sahara Firm Seeks Permission From SC For Sale Of Group's Assets To Adani Properties
Sahara India Commercial Corporation has asked the Supreme Court to permit the sale of assets to Adani Properties, aiming to settle investor dues swiftly.
By Sumit Saxena
Published : September 29, 2025 at 7:03 PM IST
New Delhi: The Sahara India Commercial Corporation Ltd (SICCL) has moved the Supreme Court seeking permission to sell various properties, including Amby Valley in Maharashtra and Shahara Saher in Lucknow, to Adani Properties Private Limited.
The plea is likely to come up for hearing on October 14. The interlocutory application has been filed in the pending matters related to the Sahara group. The plea has been filed through advocate Gautam Awasthi. Seeking permission, the plea said, "...to outright sell various properties belonging to the Sahara Group to Adani Properties Private Limited, for the consideration and on the terms and conditions as set out in the term sheet dated September 6, 2025."
The plea contended that pursuant to various orders passed by this court, from time to time, and after taking the permission of this court through various orders, the SICCL and the Sahara Group were, with great difficulty, able to liquidate certain movable and immovable assets of theirs, the proceeds of which were deposited into the SEBI – Sahara Refund Account.
The plea said that out of a total principal amount of Rs 24,030 crore, the Sahara Group, by way of sale/liquidation of their movable and immovable assets, have realised an amount of approximately Rs 16,000 crore and deposited the same in the SEBI – Sahara Refund Account.
The plea also pointed out the inability of the Securities and Exchange Board of India (SEBI) to liquidate or sell Sahara Group assets, despite engaging reputed estate brokerage companies.
The SICCL said the entirety of the funds deposited in the SEBI – Sahara Refund Account were deposited through the sole efforts of and with great difficulty by the applicant and the Sahara Group.
The SICCL further said post the death of Sahara Group chief Subrata Roy in November 2023, the group lost its sole decision maker, who was, until now, making all decisions on its behalf.
The plea said the family members of the late Subrata Roy were not involved in the day-to-day business operations and management of the Sahara Group. “However, considering the family members desire to safeguard the interest of the investors, the Sahara Group has decided that the assets of the Sahara Group be liquidated at the maximum value and in an expeditious manner to satisfy the orders passed by this court, to discharge the liabilities of the Sahara Group and put a close to the present contempt proceedings," it said.
The apex court on September 12 had ordered the disbursal of Rs 5,000 crore of over Rs 24,030 crore deposited by the Sahara Group with SEBI to repay dues of the depositors of the Sahara Group of Cooperative Societies.
It had said the order was in line with the March 29, 2023, order, where a similar application of the Centre was allowed for allocation of Rs 5,000 crore to repay dues of the depositors of the Sahara Group of Cooperative Societies.
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